Harbour Board Development

Manawatu Times, Volume 68, Issue 85, 10 April 1943, Page 4

Harbour Board Development

(To the Editor.) Dear Sir, —We read with interest your leader in this morning’s issue, ana as representatives for the Manawatu district and Palmerston North city, should like to say that the electors need have no misgivings as to the expenditure that the Wellington Harbour Board is likely to incur in connection with its proposed scheme for improvements. It has always been the policy of the Board for many years past now to provide these improvements out ot incomo and not from loans, and as a result, the drydock and wharf costing over £250,000 and the new shed at Aotea Quay (which is regarded as the finest in Australasia) erected at a cost of approximately £50,000 have been paid out of accumulated funds. Wo have been your lepresentatives on the Board for 14 years and have endeavoured to safeguard tho interests ot the electors, and it has always been the aim of all members of the Board to live within its income, and this policy will doubtless be maintained. Although the proposed works are of considerable magnitude, and will cost large sums ol money, they will not be started until men and materials are available, which will not be until after the war has ended and the proposed works will bespread over many years. The Board anticipates that before any works are started, they will have in hand approximately £750,000. The resolution approving the now works was made perfectly clear and read: ‘‘That in the meantime, approval of the order scheduled, does not commit the Board to any expenditure, but is merely an expression of the committee that the works as scheduled are required iu the future.” The value of assets over liabilities ol tho Board as disclosed by the last bal-ance-sheet, is £2,324,741, and sinking funds for repayment of existing loans now amount to £863,033, and it is anticipated that the greater portion of tflo present indebtedness will be liquidatea within the next two or three yoars.— J am, etc., # M. A. ELLIOTT, W. L. FITZHERBERT.